Remember, these are unlicensed brokers, skirting laws with NO real protection and NO OVERISIGHT from the state regulators.

I've spoken to other Billboard companies and they basically don't want to deal with it at all because of this and because Long Beach is extremely strict with billboards (The city is, understandably, trying to make the city look nice).

Anyone is allowed to use a secondary mortgage for investment purposes, but there are regulations on how you use the home for both personal & investment use that is clearly outlined in the loan documents. 

Account Closed Okay that is good than, so if your ultimate plan is to live there for a period before turning it into strictly a rental check and see what is renting in the area, crunch the numbers.  5 Bedrooms seems like it'd be better used turned into a multifamily (JMO). 

If they are strictly providing capital, and you are managing the flip....I would suggest structuring it in one of two ways....either create a private lending situation with them...something like 2 points and 8%, so they can get a good return and you get better terms than from a hard money lender.

So many rules/regulations based on town/structure etc...

There are many RMLOs out there that are misinformed thinking they can provide free lanced services, they cannot as that is determined at the mortgage banking and brokerage level, they are to operate under a qualified lender and those lenders willing to take on third party transactions will be very rare.Most likely, in reality, having a RMLO seal with their registration number on your financing documents will shift liability away from you as long as you're making a good faith effort to comply, at least as to regulations, you could still have liability to a borrower as a civil matter if your origination was not properly accomplished.

The exception to this is if the owner hires an employee (this is what I believe you are looking for Mike) to  show the property, give tenants the rules and regulations of the property and only these types of activties the employee can act without a RE license. 

If people can successfully have strangers come into your furnished house and sleepover = Airbnb, you can have strangers come into your empty house for a few minutes, imo) Collecting rent, requesting maintenance (except if it's an emergency), filling applications will done online only.Virtual office (depending on the regulations, a physical office maybe required.)  

(This inspection was strictly an administrative evaluation of the property.)